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ICICI Securities Report
HCL Technologies has reported a QoQ revenue decline of 7.2% in constant currency terms with Information Technology and business services and Engineering R&D segment declining by -7.8% and 9%, respectively. Organic revenue decline was 5.3% QoQ in Q1 FY21. HCL Tech reinstated its guidance for FY21 with revenue expected to grow by 1.5-2.5% QoQ over the next three quarters with margins being in the range of 19.5-20.5% in FY21.
As expected, the company is seeing increased traction in its technologies around digital workplace, cloud, collaboration and cybersecurity. The company signed 11 net transformational deals led by key industry verticals including telecommunication, financial services, manufacturing, life sciences and healthcare. The guidance is also supported by the fact that net-new booking is higher on a YoY basis during the quarter with robust renewals and a healthy pipeline. HCL Tech has also gained an increasing wallet share within its accounts in a tough environment by engaging with clients in their cost takeout initiatives and consolidation of vendors within its ecosystem.
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